Centrifugal Pump Industry Set to Witness Exponential Growth by 2030
Centrifugal Pump Industry | Forecast 2030
The economic value generated by the centrifugal pump industry was estimated at approximately USD 37.5 billion in 2022. The rising residential and commercial infrastructure, coupled with the expansion of the manufacturing industry globally, is expected to drive the demand for centrifugal pumps globally.
One of the key drivers behind this growth is the need for reliable and efficient fluid transportation in various applications. Centrifugal pumps offer advantages such as high flow rates, low maintenance requirements, and the ability to handle a varied range of fluids, making them indispensable in numerous industries. Furthermore, the development of advanced technologies, such as variable frequency drives (VFDs) and IoT-enabled monitoring systems, has enhanced the performance and efficiency of centrifugal pumps, further fueling their adoption.
Access the Global Centrifugal Pump Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Despite this growth, the market faces competitive pressures and regulatory challenges, including stringent environmental standards. Manufacturers are responding by focusing on innovation in pump design, materials, and control systems to meet these challenges. Looking ahead, the centrifugal pump market is poised for continued expansion, driven by factors such as population growth, urbanization, and the imperative for efficient water management solutions. Additionally, the ongoing trend of digitalization and automation in industrial processes presents opportunities for manufacturers to develop smart and connected centrifugal pump solutions that offer real-time monitoring, predictive maintenance, and enhanced energy efficiency. These factors collectively indicate a promising trajectory for the centrifugal pumps industry in the foreseeable future.
Radial Flow Pump Market Insights
The global radial flow pump market size was estimated at USD 24.4 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.6% from 2023 to 2030. The driving factors for the market growth are attributable to the pump's efficiency, versatility, and suitability for a wide range of applications. As industries continue to grow and evolve, the demand for reliable and efficient fluid handling solutions, such as radial flow pumps, remains strong. Government laws that are strict on energy efficiency, safety, and standards are anticipated to have a significant impact on the market. Many government agencies have not only restructured their existing structures but also their current policies. While many established nations have already made investments in the water treatment business, developing nations in Asia Pacific and North America are anticipated to encourage and boost investments in the sector in the years to come.
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Mixed Flow Pump Market Insights
The global mixed flow pump market size was estimated at USD 9.48 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. Mixed flow pumps offer a balance between radial and axial flow pumps, resulting in efficient fluid movement with moderate to high flow rates and head capacities. This efficiency is a significant driver in applications where fluid transport is required across a range of flow rates and pressures.
Strict government laws on energy efficiency, safety, and standards are anticipated to have a significant impact on the market. While many established nations have already made investments in water treatment business, developing nations in Asia Pacific and North America are anticipated to encourage and boost investments in the sector in the coming years.
Axial Flow Pump Market Insights
The global axial flow pump market size was estimated at USD 3,992.0 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.1% from 2023 to 2030. The growth of the market is primarily attributed to the rising investments in wastewater treatment facilities and an uptick in activity in the oil industry to meet the rising energy demand. In addition, it is anticipated that rapid urbanization and industrialization across the world will have a beneficial effect on the expansion of the market in the coming years. Government laws, such as DOE energy conservation standards, that are strict on energy efficiency, safety, and standards are anticipated to have a significant impact on the market.
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Company Profiles
- Grundfos
- Xylem
- Flowserve
- ITT Corporation
- CIRCOR International
- Baker Hughes
- Gardner Denver
- Ebara Corporation
- Kirloskar Brothers Limited
- Tsurumi Manufacturing
- Alfa Laval
Competitive Insights
The competitive landscape of the centrifugal pump market is characterized by a mix of established global players and regional manufacturers. Several multinational companies dominate the global centrifugal pump industry. Some of the leading players include Grundfos; ITT Goulds Pumps; Xylem Inc.; Sulzer Ltd.; Flowserve Corporation; and KSB SE & Co. KGaA. These companies have a strong global presence, extensive product portfolios, and a well-established customer base. Companies continuously invest in research and development to innovate their product offerings. This includes developing more energy-efficient pumps, incorporating advanced materials, and integrating smart technologies for remote monitoring and predictive maintenance.
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